CPPIB partners with GIC to buy Seoul office building
Canada Pension Plan Investment Board (CPPIB) has partnered with Singapore sovereign wealth fund GIC to acquire a prime office building in Seoul, South Korea for about $492 million (US$380 million). The property, Kumho Asiana Main Tower, is being sold by Kumho Asiana Group, parent of Asiana Airlines. CPPIB and GIC will each own a 50 percent stake in the property, which will be managed by DWS. Jimmy Phua, a managing director and head of real estate Asia at CPPIB, said the deal is an opportunity to invest in one of Asia's largest office markets.
9 May 2018•3 mins read
